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The Reserve Bank of Australia left its benchmark interest rates unchanged at a 12-year high for a fourth straight meeting, as widely expected, on Tuesday. The policy board of the RBA, led by Governor Michele Bullock, decided to maintain the cash rate target at 4.
The Reserve Bank of Australia left its cash rate unchanged at a 12-year high in the final meeting of the year as the impact of the more recent rate hikes continue to flow through the economy.
Reserve Bank of Australia Governor Michele Bullock said a more substantial monetary policy tightening is the right response to tame demand-driven inflation. The remaining inflation challenge is increasingly homegrown and demand driven rather than inflation caused by supply-side disruption, she said at the Australian Business Economists Annual Dinner on Wednesday.
Australia's central bank raised its benchmark rate by a quarter-point to a 12-year high, ending a four-session long pause, as inflation is likely to be more persistent than estimated though policymakers suggested that any further tightening is off the table.
The Reserve Bank has come under fire for not providing workers with a pay increase to keep up with rising inflation.